Marketing principles refer to channeling the gap between service and product providers to service and product seekers. Also known as a way of satisfying needs.
The Marketing Mix or the “4 P’s” or the marketing principles are: promulgation
The concept of “the 4 p’s” has been replaced by the concept of the “7 p’s” they are
These are employed to satisfy a target market’ or target demographic (the pool of potential customers).
The American Heritage Dictionary defines utility as “the quality or condition of being useful”. Utility is further defined as any quality and/or status that provides a product with the capability to satisfy the consumer’s wants and needs. Marketing is responsible for creating most of a product’s inherent utility.
There are four basic types of utility:
A fifth type of utility is often defined along with the above four types: